[imtringued]

I think there is a lot of confusion based on terminology. Even though the US failed to hit the 2% inflation goal for years that doesn't change that the Fed considers 2% inflation to be price stability i.e. the same thing as no inflation.

When they say transitory inflation they obviously mean transitory inflation above 2%. One problem with transitory is that a lot of people think the timescale is very short, maybe it will be over by the end of 2021 but nobody really knows because it all depends on how quickly the supply chains catch up.